What Is a Cosigner for a Lease?

A co-signer is a third party who is responsible if you are unable to pay rent. This person does not typically live in the apartment with you, but he or she is equally liable for your lease.

Does cosigning a lease affect your credit?

According to the Experian.com website, cosigning for an apartment lease doesn't normally affect a cosigner's credit. Rental payments aren't normally reported to credit bureaus. Because rental payments aren't usually listed in a person's credit report, there's no affect, good or bad, on a cosigner's credit history.

Should I cosign a lease?

In short, yes, if or when they miss their payments. When you cosign on someone's lease that means you agree to financially cover their housing, in case they can't do so themselves. ... If you also fail to pay, then this may be reported in your credit history and may affect your credit score.